Major bad debt manager plans 108b yuan for 2019 toxic asset disposal

BEIJING - China Great Wall Asset Management Corporation (Great Wall), one of the country's biggest distressed debt managers, mulls allocating 108 billion yuan ($16.03 billion) to buy non-performing assets.

The company plans to spend 60 billion yuan to purchase financial non-performing capital and 48 billion yuan for non-financial bad assets, respectively.

It bought financial bad assets worth 179.2 billion yuan last year, up 20 percent year-on-year.

Great Wall also plans to spend 10 billion yuan for acquisitions and reorganizations as part of its program to operate 100 such projects in two to three years.

Great Wall is among China's four asset management firms set up in 1999 to deal with the toxic assets of the country's four big state-owned banks in a bid to help transform them into market-oriented financial institutions.